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Winter 2002 Newsletter

Putting Off Has Finally Paid Off!

Couple Looking at Houseplans

Rates are down again, prices are stable and your home’s equity has never been worth more. Now’s the time to use it! The Credit Union is now offering Home Equity loans at unbelievable rates:

5.9% APR for up to 4 years
6.4% APR for up to 6 years

If you’ve been thinking about doing any of these things, NOW is the time to make your move, while rates are this low:

• Upgrade with landscaping, deck or dormer.
• Refurnish living room, bedroom, family room.
• Replace worn windows, paint, roofing or siding.
• Renovate for a home office.
• Remodel kitchen, bath, family room or den.
• Refinance at a lower rate a current loan held elsewhere.
• Modernize with a new PC, TV or appliance.
• Pay tuition, room and board.
• Pay off bills.
• Pay down on a vacation or retirement home.
• Finance or refinance your new vehicle purchase.
• Deduct your loan interest from taxes (consult your tax advisor).
Call the Credit Union today for information on rates and terms.

Save Money with a Credit Union Credit Card

Man Holding Credit CardWorried about your holiday credit card debt? Instead of running from your credit card woes, why don’t you take charge and consolidate your debt with your credit union credit card? Other credit cards charge annual fees between $20-$30 or even higher. If you have five of these credit cards, you are paying $100-$150 per year to use them when you could be utilizing your Credit Union credit card. Other credit cards are notorious for charging exorbitant interest rates, often teasing you with a near 0% rate and then switching to a much higher rate. By eliminating your debt on these other cards, you’ll not only save the cost of higher annual fees, but you’ll save possibly hundreds of dollars on each in interest. By consolidating your unsecured debt on your credit union credit card now, you will save an incredible amount of money! Call the credit union today for more details!

IRA Changes for 2002

Beginning in the 2002 tax year, contribution limits have increased for Traditional and Roth Individual Retirement Accounts (IRAs). Single filers will be able to contribute up to $3,000 (was $2,000) of earned income and $6,000 (was $4,000) for married couples filing jointly. In 2005, the contribution limits of earned income will be $4,000 for single filers and $8,000 for married couples filing jointly.

Also for 2002, contributors over age 50 will be permitted to make catch-up contributions to Traditional and Roth IRAs. The maximum annual catch-up contributions are $500 for tax years 2002-2005 and $1,000 for 2006.

According to the most recent study by the Investment Company Institute, about 42 percent of Americans have IRAs.

You still have until April 15th to make deposits for contributions to your IRA for 2001. Get those deposits in as soon as possible.

If you have IRA certificates in other institutions that are maturing in 2002, we would like you to consider transferring those funds to an IRA at your Credit Union. If you have any questions on how to do this, contact your Credit Union office. We can arrange to transfer the funds from the bank to your Credit Union. We are sure you will find the Credit Union rates competitive or higher than other institutions.

You can also make rollovers to your IRA. The Credit Union offers both Traditional IRAs and Roth IRAs. IRAs are still an excellent way to defer valuable income until you retire.

Your Plan for Fiscal Fitness Begins at the Credit Union

How many New Year’s resolutions for self-improvement have you made for this year?! Have you made promises to get fiscally fit? Do you intend to practice better money management or start a regular savings plan? Let the Your Plan for Fiscal Fitness Begins at the CUCredit Union help you get in shape with a circuit of financial strength-building services!

Savings and Payroll Deduction - Whether you’re saving for a special occasion (Christmas, vacation, tuition, etc.), a rainy day (regular or money market), or building a nest egg (Individual Retirement Accounts), use the convenience of payroll deduction or Direct Deposit to make regular deposits. Pump up your savings in no time with little effort and big payback!

Checking and Check Card - Flex your financial muscles with the winning combination of checks and
our check card. Get cash or makepurchases 24/7. Our checking account is light on fees, but heavy on convenience.

Auto Loans - Throw your weight around when shopping for a new or pre-owned vehicle. Take advantage of our “wait reduction” plans with pre-approved financing from the Credit Union and the ease of payment with payroll deduction/direct deposit. Rates are as low as 5.9% APR.

Variety of secured and unsecured loans - We offer low rates and flexible terms. Trim your payments and pad your pockets with all the money you’ll save!

Start whipping your finances into shape! Contact the Credit Union!

For additional online newsletters see below:

Fall 2001
Summer 2001
Summer 2000
Fall 2000
Spring 2001
Loan App.
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